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Full text of "Annual meeting of the shareholders"

UNION' BANK OF LOWER CANADA. 






The Annual Meeting of Shareholders oi'the Union Bank of Lower Canada, -was held 
at their Banking' House, at Quebec, <>n Tuesday, the 10th da}- of July, 1877. at which were 
present : — 

J. S. Budden, Esq., E. Giroux, Esq., L. E. Dorion, Esq., Dr. Jos. E. Fortier, U-. N. A. 
Fortier, Esq, Dr. Russell, J. H. Simmons. Esq., Wm. Quinn, Esq., V. Tetu, Esq., M. 
O'Brien, Esq., J. W. Henry, Esq., Lt.-Col. Jas. Pope, Chas. Brochu, Esq., E. J. Hair, Esq., 
E. II. Pemberton, Esq., F. Oliver, Esq., J. M. LeMoine, .Esq., Jas. Cantillon, Esq.. J. G-ar- 
batz, Esq., W. Cream, Esq., R. H. Wurtele, Esq., D. R. Stoddart, Esq., Hugh Devlin, Esq., 
L. Stafford, Esq., S. Connolly, Esq., T. H. Thomson, Esq., F. Weippert, Esq., A. Mortimer, 
Esq., Win. Doran, Esq., C. F. Smith, Esq., J. Gfibfo, Esq., W. Miller, Esq., Jas. Meiklejohn, 
Esq., Thos. Gale, Esq., P. B. Casgrain, Esq., J. B. Renaud, Esq., Jas. Dinning, Esq., J. G-. 
Clapham, Esq., Jno. Hearn, Esq., Jno. Burstall, Esq., A. Joseph, Esq., Gr. R. Renfrew, Esq., 
Jas. Patton, Esq., T. Beckett, Esq., R, R. Dobell, Esq., N. Maheux, Esq., Owen Murphy. 
Esq., Mayor of Quebec : W. H. Carter, Esq., Wm. Sharpies, Esq., E. J. Price, Esq., F. C. Wur- 
tele, Esq., Hon. H. L. Langevin, C.B., Wm. Convey, Esq., W. Scougall, Esq., A. LeMoine, 
Esq., R. Moat, Esq., AY. Hunt, Esq., J. F. Turnbull, Esq., Chas. E. Levey, Esq., P. Henchev 
Esq., Thos. Andrews. Esq., W. R. Dean, Esq., Frs. Gunn, Esq., R. Loinas, Esq.. R. Bruce, 
Esq., L. Yezina, Esq., J. Lane, Esq., J. H. R. AVhite, Esq., E. Simard, Esq., C. Parent, Esq., 
J. M. Tardif, Esq.. .! V. Gale, Esq., a. T. Cary, Esq., AY. Rhodes. Esq., J.Louis, Esq., 
B. Verret, Esq., L. Samson, Esq., F. McLaughlin, Esq., P. Jennings, Esq., M. Breen, Esq . 
G-. Costolow, Esq., F. O. Vallerand, Esq., Hon, T. McG-reevy, I). C.Thomson, Esq. 

Andrew Thomson, Esq., was called to the Chair, and J. S. Btjdden, Esq., was re- 
quested to act as Secretary. 

The Chairman proceeded to read the Report of the Directors. 

Directors' Heport. 

The Directors beg to present to the* 'Shareholder's of 'the Bank the following statement, 
shewing the result of the past year's business':'' > «« ' - ' '»,> 

Balance of Profit and Loss Account at 30th June, 1876 $ 2,646 11 

Profits for the year ending 30th June, 1877, after deducting expenses of 

management and reserving for Interest and Exchange 135,901 04 

Add— Taken from Rest Account 200,000 00 



Which has been applied as follows : 

Dividend No. 22. 3 p. c, paid 2nd January, 1877 % 59,728 68 

" 23,3 " payable 2nd July, 1877 59,753 25 

Appropriated to bad and doubtful debts 202,489 54 



$338,547 15 



1321,971 47 



Balance at credit of Profit and Loss, new account 116,575 68 



104- 



The Directors regret thai the continued depression and consequent losses in the trade 
have rendered it necessary for them again to appropriate a large amount lor bad and doubt, 
I'ul debts. 

Charles E. Levey, Esq., who has been the President of the Board of Directors since the 
foundation of the Bank, and whose name has been so thoroughly identilied with it, has re- 
signed thai position in consequence of his advanced years. He had before leaving for 
England last year tendered his resignation to the Board, but withdrew il at the request of 

his co-Directors. 

The Board regrets to have to announce to the Shareholders that the Cashier, Mr. 
MacBwan, has resigned his office, but, at the request of the Board, has consented to con- 
tinue to act until some other arrangement can be made. 

T he Directors regret to have to record the death of Mr. Sharpies, who was for several 
years a zealous and able Director of the Bank, and at the time of his death filled the office 
of Vice-President. . The vacancy on the Board has been filled by the appointment of Mr. 
William Sharpies. 

The Inspector has made a thorough examination into the affairs of the brandies and 
agencies during the past month, and has reported favorably upon them. 

The cash and securities at the Head Office have been examined at intervals by the 
Directors and found to be correct. 

A. THOMSON, 

Vice-President. 
Quebec, 10th July, 1877. 

The Chairman then called upon P. MacEwen, Esq., Cashier, to read the Statement of 
Assets and Liabilities of the Bank: 

GENERAL STATEMENT, 30th JUNE, 1877. 



• • ••• •••• • ;* . •• • . 

Capital Stock paid up :: : .r : .:: : .^ !.:..'..! .'..'...'. '....'..*...'. #1,992,050 00 

Profit and Loss, New Account $16,575 68 

Interest and Exchange Reserved 19,480 74 

Unclaimed Dividends 1,187 07 

Dividend No. 23, payable 2nd July. 1877 59,753 25 

$96,946 74 

Notes of the Bank in circulation $ 352,480 00 

Deposits bearing interest 1,258,020 82 

Deposits not bearing interest 418,355 09 

Due to other Banks 116,439 24 

2,145,295 15 

$4,234,291 89 



ASSETS. 

■Gold and Silver coin $ 69,607 38 

Dominion Government Notes 151,894 00 

Notes and Cheques of other Banks 152,586 53 

Due from other Banks 52,581 36 

$ 426,669 27 

Government Securities 262,106 65 

Loans and Discounted Notes, current $3,346,513 53 

Debts secured by mortgages and otherwise 36,755 97 

Notes and Bills discounted overdue — (Estimated loss nil) 52,908 36 

#3,436,177 86 

Bank Premises and Real Estate 109,338 11 



$4,234,291 89 

P. MaoEWEN, 

Cashier. 
Union Bank of Lower Canada, 

Quebec, 30th June, 1877. 

It was then moved by the Chairman, seconded by "VVeston Hunt, Esq., 

That the Report submitted to this meeting be adopted, and printed for distribution 
among the Shareholders. — Carried on division. 

Moved by Hon. Mr. Irvine, seconded by E. J. Price, Esq., 

That Messrs. Carter and "Wurtele be requested to act as scrutineers at the election of 
Directors now about to be held, and that the ballot-box for the receipt of votes be forthwith 
opened and remain open till half-past three o'clock. 

Moved by Col. Rhode*, seconded by Dr. Russell, 

That a recommendation be suggested to the Shareholders to reconstitute the Bank in 
their election of Shareholders on the principal of a representation of trades such as existed 
in the original formation of the board. — Amendment lost on division, and original motion 
carried. 



»*{o 



REPORT OF SCRUTINEERS. 

1 \io.\ B \\k in- Lower Canada. 

Quebec 10th July, 1*77. «§£ 

The Scrutineer beg to report the foljpwing elected to the Board of Directors lor the 
current year : — 

Andrew Thomson, Esq.. 

D. C. Thomson, Esq., 
Hon. George Irvine, 
W. Sharples, Esq., 
Charles E. Levey, Esq., 
Hon. Thos. McGreevy, 

E. Girotjx, Esq., 

V^ CARTER ) 

R.' Henry Wurtele. \ Scru ^eers. 

The Chairman having vacated the chair, and 11. Moat, Esq., having been called there* 
to, it was, 

Moved by the Mayor of Quebec, seconded by A. Joseph. Esq., 

That the thanks of the meeting- be tendered to A. Thomson, Esq., for his able and im- 
partial conduct in the chair. 

The thanks of the meeting having been voted to J. S. Budden, Esq.. Secretary, and 
Messrs. Carter and "Wurtele, Scrutineers, the meeting was dissolved, there being no further 
business before it. 

J. S. BUDDEN, 

Secretary . 



At a subsequent meeting of the new Board, A. Thomson, Esq., was elected President, 
and Hon. G-. Irvine, Vice-President.